Gap Between the Existing Competencies of Graduates and the Competencies Necessary for Employers

The dynamic nature of the labor market leads to periodic changes in the standards of competencies and skills required by companies for their potential employees. A major problem is the widespread mismatch between the competencies required in the workplace and those taught at universities. This exacerbates the difficulty in finding jobs for recent university graduates and adds to the general problem of skills shortages in the industry. The main objective of this research paper is to scrutinize the gap between the competencies of graduates and the requirements of employers, and to develop detailed recommendations for higher education institutions to reduce this gap for graduates, using the example of students of GSB “Business Administration”. In order to achieve this goal, the theoretical foundations of competencies were considered, key concepts were studied, the main methods of competency management were investigated, the labor market in the field of business and management was studied: the most significant market trends were considered, a detailed analysis of current research in the field of matching graduate competencies with the requirements of employers was also carried out. The empirical study consists of two parts. The first part is qualitative research, during which in-depth interviews with six employees (middle and senior managers) of recruiting company X were conducted and analyzed. The respondents identified the most significant trends in the labor market, key competencies of candidates for employers, such as the ability to think analytically, the ability to adapt to new conditions and issues, the ability to work effectively in a team, the ability to think critically and solve problems, leadership and managerial skills, digital skills, and the ability to work effectively in a team. Based on the information obtained from the qualitative research, 7 hypotheses were also generated. The second part of the empirical study was a quantitative research in a Google Forms survey format with students and graduates of GSB, which provided statistical data on therespondents' level of mastery of each of the key competencies, assessed the relevance of the existing curriculum and the effectiveness of learning formats at GSB; and drew conclusions about the hypotheses. The results of the empirical study were used to develop the following recommendations for higher education institutions: - Integration of case method in the educational process; - Integration of project-based learning; - Introduction of professional internships; - Emphasizing the development of analytical and critical thinking skills; - Additional courses to develop digital skills; - Inter-university partnership programs; - Emphasis on the development of leadership and management skills; - Project Fair.